Hello everyone, as we all know the market action discounts everything :)
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On September 15 a Golden cross has accrued between the 50 MA and the 200 MA, this usually suggests a long-term bull market going forward.
With several governments adopting bitcoin, it is only a matter of time for the price to reflect the bullish sentiment.
This could be the start of a big Bullish trend that could get Bitcoin to an All-New High soon.
Possible Scenarios for the market :
Scenario 1 :
Bitcoin has fallen to the low of $46,750 but pulled back as it resumes upside momentum. The first target will be the resistance line at 49045.4 if the Bulls were able to breakout that resistance then they won't have any problem pushing the market up at least to the major resistance zone located between 50769.4 and 52829.83 and that is where we might see some strong pull back from the Bears.
Scenario 2 :
The Bears are trying to keep control over the market and this could lead the market the have a small sideway move until the Bulls take control. This move can make the market drop a bit and hit the support zone located between 46333.7 and 45597.4 or even the 44521 level. But if that would happen then we will see a bounce off that level that could be the start of the long-term Bullish trend.
Technical Indicators show :
1) A Golden Cross accord between the 50 MA and 200 MA , and the market is above the 10 20 50 100 200 MA and EMA ( Strong Bullish Sign)
2) The RSI is at 52.38 showing good strength in the market, No divergences were found between the market and the indicator (Bullish Sign)
3) The STOCH is having a positive crossover between %K (49.62) and %D (49.36)
Daily Support and Resistance :
support Resistance
1) 47321.4 1) 49045.4
2) 46333.7 2) 49781.7
3) 45597.4 3) 50769.4
Weekly Support and Resistance :
support Resistance
1) 44950.6 1) 50230.6
2) 41592.3 2) 52152.3
3) 39670.6 3) 55510.6
Fundamental point of view :
Last week El Salvador’s official bitcoin rollout began, then Ukraine decided to jump on the bitcoin bandwagon. This week, Laos joined the fray with plans to allow bitcoin mining and trading in the Asian nation, just months after China’s crackdown on crypto
The week started off on a good note as Nayib Bukele, El Salvador’s president, announced their bitcoin-friendly drive continues as the country would exempt foreign investors from paying taxes on their bitcoin gains. according to Bitcoin Magazine
BTC Invading The Real Estate Industry:
According to a recent report, one of the leading American property management firms – Magnum Real Estate Group – would enable buyers to use bitcoin for the purchase of three ground-level shops worth $29 million. BitPay – a bitcoin payment service provider – would process the future cryptocurrency transactions. According to cryptopotato
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts and news for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
On September 15 a Golden cross has accrued between the 50 MA and the 200 MA, this usually suggests a long-term bull market going forward.
With several governments adopting bitcoin, it is only a matter of time for the price to reflect the bullish sentiment.
This could be the start of a big Bullish trend that could get Bitcoin to an All-New High soon.
Possible Scenarios for the market :
Scenario 1 :
Bitcoin has fallen to the low of $46,750 but pulled back as it resumes upside momentum. The first target will be the resistance line at 49045.4 if the Bulls were able to breakout that resistance then they won't have any problem pushing the market up at least to the major resistance zone located between 50769.4 and 52829.83 and that is where we might see some strong pull back from the Bears.
Scenario 2 :
The Bears are trying to keep control over the market and this could lead the market the have a small sideway move until the Bulls take control. This move can make the market drop a bit and hit the support zone located between 46333.7 and 45597.4 or even the 44521 level. But if that would happen then we will see a bounce off that level that could be the start of the long-term Bullish trend.
Technical Indicators show :
1) A Golden Cross accord between the 50 MA and 200 MA , and the market is above the 10 20 50 100 200 MA and EMA ( Strong Bullish Sign)
2) The RSI is at 52.38 showing good strength in the market, No divergences were found between the market and the indicator (Bullish Sign)
3) The STOCH is having a positive crossover between %K (49.62) and %D (49.36)
Daily Support and Resistance :
support Resistance
1) 47321.4 1) 49045.4
2) 46333.7 2) 49781.7
3) 45597.4 3) 50769.4
Weekly Support and Resistance :
support Resistance
1) 44950.6 1) 50230.6
2) 41592.3 2) 52152.3
3) 39670.6 3) 55510.6
Fundamental point of view :
Last week El Salvador’s official bitcoin rollout began, then Ukraine decided to jump on the bitcoin bandwagon. This week, Laos joined the fray with plans to allow bitcoin mining and trading in the Asian nation, just months after China’s crackdown on crypto
The week started off on a good note as Nayib Bukele, El Salvador’s president, announced their bitcoin-friendly drive continues as the country would exempt foreign investors from paying taxes on their bitcoin gains. according to Bitcoin Magazine
BTC Invading The Real Estate Industry:
According to a recent report, one of the leading American property management firms – Magnum Real Estate Group – would enable buyers to use bitcoin for the purchase of three ground-level shops worth $29 million. BitPay – a bitcoin payment service provider – would process the future cryptocurrency transactions. According to cryptopotato
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts and news for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.